Asset Protection

[daveh72]

My question involves estate proceedings in the state of: Michigan

1. I current have my father as beneficiary and POD on my assets which includes stocks, savings and checking accounts. If for some reason down the road he is required to go onto Medicaid and into a nursing home, are all of my assets protected so long as he is only beneficiary and POD? It's been this way for over five years which I am told is how far back they can go to claim. I just want to make sure I am protected so long as I am alive. I realize if I passed away, all of that would go to him and then things change.

2. He has his own business account which I am on. I realize he would potentially have to "burn" the cash in that account before getting Medicaid if necessary; however, are there stipulations where a certain amount could be used for funeral costs?

Thanks.

[harrylime]

If he is simply a designated beneficiary, then he has no present interest in the assets and they would not be counted for Medicaid eligibility purposes.

A prepaid funeral contract is a non-countable asset. I am not sure how large the contract can be, but funeral home personnel could probably tell you.